411homerepair.com

Latest Articles

When to Consider Hiring a Heating and Cooling Company

The weather is not something you can control, and whenever you go outside, you are forced to layer up and adapt to the temperature. In your own...

on Mar 1, 2021

Important Roofing Regulations to Consider

Having a home you can truly enjoy that is not only liveable, but safe, sturdy, and a delight to inhabit requires more than picking out the right...

on Feb 24, 2021

What to Consider When Choosing a Furnace Service Contractor

HVAC systems are among the costliest systems that you can install in your house. Therefore, you would probably want to do all possible things for...

on Feb 19, 2021

Choosing a Reliable Furnace System for Your Home

Either way, it would be great if you can invest in something you will benefit from for a pretty long time. If that is the case, you would know that...

on Feb 19, 2021

Lawyers vs. Real Estate Agents: Who to Hire When Buying a House

Because buying a house is already so expensive, most buyers would want to spend as little extra money as possible. Consequently, some may balk at...

on Feb 18, 2021

Who Pays for What in Real Estate?

by Guest on May 15, 2012

One very common question of real estate transactions is, "Who pays for what in a real estate transaction". Below is a list to give you an idea of some of the common expectations, but this list will vary from region to region. Also, if it's a buyer's or seller's market could possibly change the common fee responsibility.

Seller or Buyer

The SELLER could generally be expected to pay for the following.

  • Real Estate Commission
  • Document preparation fee for Deed
  • Documentary transfer tax
  • Any city Transfer/Conveyance Tax (according to contract)
  • Any loan fees required by buyer's lender
  • Payoff of all loans in seller's name (or existing loan balance if being assumed by buyer)
  • Interest accrued to lender being paid off, Statement Fees, reconveyance Fees and any Prepayment Penalties
  • Termite Inspection (according to contract)
  • Termite Work (according to contract)
  • Home Warranty (according to contract)
  • Any judgments, tax liens, etc., against the seller
  • Tax proration (for any taxes unpaid at time of transfer of title)
  • Any unpaid Homeowner's dues
  • Title Insurance Premium
  • Recording charges to clear all documents of record against seller
  • Any bonds or assessments (according to contract)
  • Any and all delinquent taxes
  • Notary Fees
  • Escrow Fee

 

The BUYER could generally be expected to pay for the following.

  • Title Insurance Premium Escrow Fee
  • Notary Fee
  • Document preparation (if applicable)
  • Recording charges for all documents in buyer's name
  • Termite Inspection (according to contract)
  • Tax proration (from date of acquisition)
  • Homeowner's transfer fee
  • All new loan charges (except those require by the lender for seller to pay)
  • Interest on new loan from date of funding to 30 days prior to first payment date
  • Assumption/Change of Records fees for takeover of existing loanBeneficiary Statement Fee for assumption of existing loan
  • Inspection Fees (roofing, property inspection, geological, etc.)
  • Home warranty (according to contract)
  • City transfer/Conveyance Tax (according to contract) Fire insurance Premium for the first year
Residential and commercial real estate is very different in one way but very similar in the other. The fees paid for commercial properties are way higher than for residential and they depend on a real estate agent’s ability to market the property. So if you are planning to sell your commercial property fast be aware of some of the fees you’ll need to pay to your broker when the transaction finalizes.

Author

Guest

Guest

Random Articles

How to Choose the Best Garage Doors

There is no hesitation that your house’s interior takes all the big deal when it comes to your redesigning and home improvements, even though there...

Garden / Landscaping / Patio

Natural Stone (Granite) vs. Engineered Stone (Quartz)?

People compare granite with engineered stone. Granite is mostly used for kitchens and bathrooms. It can resist heat, stains and scratches. Many of...

Kitchen / Bathrooms

How to Choose a Plastering Company

Choosing a professional plastering company may seem a daunting task, especially if you do not have experience in the construction industry. While...

Construction / Materials

What You Need to Know About Rotary Drilling

There are many reasons why you might require rotary drilling services. If you have never had this need before, you might be at a loss for where to...

Hire Contractors / Estimates

District of Columbia (DC) Local Builders Associations

Find a local builder or council, please contact the home builders' association (HBA) in your area.

Builders Associations

Actions

Contact Us | Submit Article | 411homerepair © 2021